Egypt’s Industrial Development bank performing loans rise 38% 2019-end

Egypt’s state-run Industrial Development bank (IDB) said on Saturday its performing and non-performing loans portfolio rose to 13.072 billion Egyptian pounds ($817.1 million) at the end of 2019.

At the end of September 2019, loans stood at 12 billion pounds.

The bank’s performing loans reported a 38 percent year-on-year growth to 12 billion pounds by the end of 2019, IDB vice chairman Hamdy Azzam told Amwal Al Ghad.

Unaudited net profit reached 512 million pounds at the end of 2019, compared with 300 million pounds at the end of 2018, Azzam said.

Customers’ deposits grew 32 percent year-on-year to 25 billion pounds at the end of 2019, he added.

The bank’s lending portfolio for small and medium-sized enterprises reached 3.4 billion pounds, representing more than 25 percent of the total credit portfolio.

IDB aims to achieve annual growth rates ranging from 20 percent to 25 percent through expanding in all activities and products, Azzam said.